International oil prices extended their gains on Wednesday.
While prices rose for the second consecutive day, the increase was not significant.
The market adopted a wait-and-see approach after U.S. President Donald Trump, while stating that he had given Iran a final ultimatum, also left the door open for dialogue, stating that the U.S. had not yet decided whether to launch airstrikes against the country.
The market reacted notably when Trump revealed Iran’s proposal for negotiations, causing West Texas Intermediate (WTI) crude to plummet 2.5% during trading as hopes for de-escalation in the Middle East surged.
However, as Trump did not completely rule out the possibility of escalation, oil prices reversed course and began to climb again.
Brent crude, the global oil benchmark, settled at 76.70 USD per barrel for August delivery, up 0.25 USD (0.33%) from the previous session.
The U.S. benchmark, WTI, closed at 75.14 USD per barrel for the July contract, gaining 0.30 USD (0.40%).
